Iron Mountain Incorporated $IRM Shares Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group Inc. has reduced its stake in Iron Mountain by 11.7%, selling 122,702 shares and retaining ownership of approximately 924,414 shares valued at $94.8 million.
• Iron Mountain's CEO, William L. Meaney, recently sold 69,125 shares worth over $7 million, while other insiders have sold a total of 213,375 shares in the past three months.
• Analysts have mixed views on Iron Mountain, with a consensus rating of Moderate Buy and an average price target of $116.83, despite some price target reductions from firms like JPMorgan and Zacks.

Sumitomo Mitsui Trust Group Inc. decreased its holdings in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 11.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 924,414 shares of the financial services provider's stock after selling 122,702 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.31% of Iron Mountain worth $94,817,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Financial Network Wealth Advisors LLC acquired a new stake in shares of Iron Mountain during the 1st quarter worth approximately $26,000. Golden State Wealth Management LLC bought a new position in Iron Mountain in the 1st quarter worth about $30,000. Ramirez Asset Management Inc. acquired a new stake in shares of Iron Mountain in the first quarter valued at approximately $34,000. Wayfinding Financial LLC bought a new stake in shares of Iron Mountain during the first quarter valued at approximately $37,000. Finally, Richards Merrill & Peterson Inc. acquired a new position in shares of Iron Mountain during the first quarter worth approximately $43,000. 80.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Iron Mountain

In other news, CEO William L. Meaney sold 69,125 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $102.34, for a total value of $7,074,252.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark Kidd sold 6,000 shares of the firm's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $91.05, for a total value of $546,300.00. Following the completion of the sale, the executive vice president directly owned 79,081 shares of the company's stock, valued at approximately $7,200,325.05. This trade represents a 7.05% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 213,375 shares of company stock worth $20,347,156. 1.90% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Jefferies Financial Group started coverage on Iron Mountain in a research note on Monday, September 22nd. They set a "buy" rating and a $120.00 target price on the stock. Zacks Research upgraded shares of Iron Mountain from a "strong sell" rating to a "hold" rating in a research note on Monday, October 20th. JPMorgan Chase & Co. reduced their price objective on shares of Iron Mountain from $112.00 to $100.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. Barclays raised their target price on shares of Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a research note on Wednesday, August 20th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Iron Mountain in a research note on Saturday. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Iron Mountain currently has a consensus rating of "Moderate Buy" and an average price target of $116.83.

Iron Mountain Stock Performance

NYSE IRM opened at $105.34 on Friday. Iron Mountain Incorporated has a 1 year low of $72.33 and a 1 year high of $130.24. The business's fifty day moving average is $98.96 and its two-hundred day moving average is $96.98. The stock has a market capitalization of $31.11 billion, a P/E ratio of 752.50 and a beta of 1.06.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, topping analysts' consensus estimates of $1.19 by $0.05. The firm had revenue of $1.68 billion for the quarter, compared to analysts' expectations of $1.68 billion. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%.Iron Mountain's revenue was up 11.6% on a year-over-year basis. During the same quarter last year, the business posted $1.08 EPS. On average, research analysts forecast that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 3rd. Stockholders of record on Monday, September 15th were issued a dividend of $0.785 per share. The ex-dividend date was Monday, September 15th. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.0%. Iron Mountain's payout ratio is currently 2,242.86%.

Iron Mountain Profile

Iron Mountain Incorporated NYSE: IRM is a global leader in information management services. Founded in 1951 and trusted by more than 240,000 customers worldwide, Iron Mountain serves to protect and elevate the power of our customers' work. Through a range of offerings including digital transformation, data centers, secure records storage, information management, asset lifecycle management, secure destruction and art storage and logistics, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals.

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